Arduino DDS Sinewave Generator

You definitely could with the R2R SPI DAC trick presented above:

Just chain 3 x 74HC595 with their associated DAC, and use the same method as described above, except that the 3 respective phase accumulators should be initialised with 0, (1/3)x2^16, (2/3)x2^16.

This will make 3 outputs !